The time has come. You just have too much debt. The stress is unbearable. You lay awake at night worrying how you’re going to keep making just the minimum payments on your credit cards. You have 10 cards now and eight of them are maxed out. Bill collectors are calling constantly. What can you do? Fortunately, there are debt settlement solutions available that can help you cope with that mountain of debt.
Keep on paying
If you have a lot of debt and a high income, you could just keep paying those credit card or medical bills. The problem is that you’ll probably be able to only make minimum payments and will never get out of debt. What this amounts to is working for the credit card companies and not for yourself or your family.
Do you have a 401K account?
One debt settlement solution is to empty your 401K and pay all those credit cards or at least as much of that debt as you can. The problem with this solution is that you’re basically robbing your future. The more money you take out today to help settle that debt is the less money you will have when you retire. Or worse yet, you may not be able to retire at all.
Debt consolidation loan
Another of the debt settlement solutions available is a debt consolidation loan. The way this works is you exchange your unsecured debt (credit card debt, medical bills, etc.) for a secured loan. You will have lower monthly payments but it could take from five to 10 years to pay off the new loan. You will also have to secure the loan with an asset – usually your house. And if you fail to make payments on that consolidation loan, you could be forced to sell it.
There are a number of non-profit credit counseling agencies and many of them provide their services free. One of their counselors will work with you to develop a plan for managing your debt so you can see there is some light at the end of your tunnel. Some of these agencies will even negotiate with your creditors to get you lower interest rates, which would help you get out of debt faster. However, credit counseling cannot help reduce your debt. It just helps you do a better job of managing it.
A fourth debt settlement solution is called debt relief or debt settlement. If you owe more than $5,000 this can be a good way to resolve your debt problems. It’s based on something you may not be aware of and that is that creditors may be willing to reduce your debt – depending on how much you owe, the state you live in and your current financial situation.
Why would a creditor settle for 50 cents on the dollar?
It is not unusual for a debt relief company to be able to negotiate a settlement of 50% to 60% less than what you actually owe. However, the credit card companies will agree to settlements like this only when they can be made to believe this is their only viable option. In other words, they have to be sold on the idea that they either take 50 cents on the dollar or risk getting nothing.
Why a debt relief company?
While you could try to negotiate debt settlements yourself, the chips are stacked against you. You’ve probably never tried this before and the credit card companies are very experienced in this area. But you can even the odds by hiring a reputable debt settlement company such as National Debt Relief. These debt relief companies are skilled at working with credit providers and are expert at negotiating debt settlements that can save you 50% to 60% of what you owe. You can get a free debt analysis and see how much you can save in minutes. National Debt Relief charges no upfront fees so you literally have nothing to lose. Go there now and get started on your debt settlement solutions.